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FCA warns against three unregulated brokers from Estonia
The Financial Conduct Authority (FCA), the regulator of the British financial market, announced that its list of warnings was expanded by 3 positions. These are Forex / CFD brokers from Estonia - MarketGbp, FXTrade777 and Capital Traders.
Estonia in the viewfinder
This is another FCA warning about Estonian companies. At the beginning of this year we have informed you about the appearance of SafeMarkets on the black list. Now is the time for the next.
Market GBP - The company, offering investment services to British residents, uses a false license number. On the broker's site, we find the opportunity to invest in such products as currencies, precious metals, cryptocurrencies and other CFD instruments. The company's supposed partners will be leading financial institutions like HSBC or Barclays. The address in Tallinn is given as the place of registration, however the contact number is British.
FXTrade777 - broker operating without the required licenses and permits. According to the information on the website, it is a brand owned by the Estonian company Blood Bear OU, although registration in the Marshall Islands also appears in the release itself. FXTrade777 was on the list of warnings also for an additional reason - employees deliberately mislead clients by informing them that they work for FINSA Europe - a legally operating British company.
Capital traders - as in the case of the previously mentioned entities, the broker operates on the British market without the required license. It offers a basic platform and the ability to trade CFDs based on currencies, commodities, stocks and cryptocurrencies. The company was registered in Tallinn in 2017 and has never received a brokerage license in any country.
We warn against using the services of unlicensed companies. Before opening an account, always make sure that the broker has the appropriate regulations and permits from the indicated institution supervising the financial market.
